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Bank Accounts Procedure

Category Finance
Type Procedure
Approved by Chief Financial Officer
Date Procedure Took Effect 16 April 2002
Last Approved Revision 20 November 2008
Sponsor Chief Financial Officer
Responsible Officer Financial Controller
Review Date 30 September 2012

Purpose

These procedures set out the requirements of the Public Finance Act who may have Bank Accounts and the operation of same within the University.

Definitions

 Cashiers Office - Cashiers Office Financial Services Division

Policy Content

Introduction

The Public Finance Act requires:
'all money received by [the university] shall, as soon as practicable after it has been received, be paid into the bank account of the [University]. Section 24(2).

To achieve this the University operates a number of bank accounts here in New Zealand as well as Australia and the United States of America.

Who may have a bank account

In general, individual departments do not require bank accounts. In some special circumstances a separate bank account may be appropriate.

All bank accounts require the express approval of the Director, Financial Services prior to opening. This applies to all accounts intended for University or University related purposes.

Where staff are unclear whether an activity is University related or not they should seek guidance from the Financial Services Division Treasury Accountant.

Alternatives to a separate bank account include imprest accounts, cash floats and credit card or EFTPOS. Application, including the circumstances, should be forwarded to the Financial Services Division Treasury Accountant for consideration.

Reconciliation of Bank Accounts

The Cashiers Office is responsible for ensuring all accounts are regularly reconciled on a timely basis.

  • main bank account - weekly
  • USD currency bank account held onshore in NZ - weekly
  • overseas bank accounts - monthly
  • imprest bank accounts - minimum quarterly, all at year end 31 December

Imprest Accounts

Several imprest accounts are maintained for specific operations requiring access to a local banking facility. For example the Christchurch and Wellington Schools of Medicine.

The imprest account facilities allow the holder of the account to draw cheques, limited by the level of the imprest balance, which are reimbursed as per University policy from the University main account.

Holders of Imprest Accounts are required to operate these accounts according to the specific instructions issued when the Imprest accounts are opened.

Contact for Further Information

For further information, contact the Financial Controller, extn 9247 or email financial.controller@otago.ac.nz